The globalization process requires creation of the unique accounting standards and harmonization of the financial reporting, so that the investors all over the world could receive the financial reports prepared according to the same accounting system.Accordingly, in 2006 the process of compliance of the IFRS with the US GAAP started, which resulted in numerous and substantial changes of IFRS. Due to the fact that the IFRS published in the Official Gazette in 2006 are applied in the Republic of Croatia, including publishing of the new standards only without changing the existing ones, it is necessary to adjust these differences. Such a process will also affect the adjustment of the CFRS. The author of the article stresses the most important difference between the valid IFRS applied in the Republic of Croatia and those applied in the EU, which are to be published in the Official Gazette this autumn.
A new school year and a new academic year are about to start. According to the valid tax regulations scholarships can be granted to full time pupils and students to a certain amount without tax liabilities.Those who grant scholarships should be aware of the fact that according to the Income Tax Act they are neither obliged to pay income tax nor a special (crisis) income tax. The paid scholarship amount which exceeds the untaxable amount represents taxable receipts. In such a case there is a possibility of obligatory payment of a special income tax too. The article deals with the conditions which scholarship payers have to fulfil in order to pay the untaxable amount of scholarship as well as the cases in which they have to calculate and pay the tax on other income and the special income tax.
During current business operations there often appear the cases when the assets in business records and financial reports are not presented in a realistic and objective way, which means that their value is either overestimated or underestimated. Upon preparation of financial reports the evaluation procedures can be realized in this inter-period. If the assets in the balance sheet are presented in the value higher than their real value or fair value, the corresponding decisions should be made, according to which the value decrease of such assets is recorded including the simultaneous presentation of expenses for value adjustment. The article deals with the recording of such events in book-keeping and presents the tax position of the expenses for value adjustment.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The article deals with the cases in which small and middle-sized companies need according to the Croatian Financial Reporting Standards to record extraordinary income and how such an income is entered into book-keeping records and financial reports of a company. Extraordinary income includes only the income from the sales of a substantial part of the assets, which may considerably affect the property structure of the company as well as the income from the collection of a substantial amount of damages from an insurance company due to some natural catastrophe. All other income on the same basis which does not have the characteristic of substantiality or non-frequency should be considered as other business income.
Faster construction or reconstruction of the objects for public purposes on the local level can be achieved through stimulating a private investor for a joint business venture with the local government, whereby the tasks and advantages should be clearly defined. The financial interest is perceived by both parties. The private partner expects a certain profit and the public partner evaluates the project according to its contribution to the general improvement of citizens' standard of living on the local level, taking into consideration that the project should not be more expensive than other similar projects. Such relationship is determined in the contract on public private partnership, usually for a long period. The specific legal and balance issues of the public private partnership require different accounting procedures of some business events in the company which has been especially established for such a business venture compared to other companies. The accounting standards do not offer ready-made book-keeping solutions of this business venture. The application of the IFRS no. 20 and 28 as well as the CFRS no. 15 could be taken into account, including some other standards which regulate the recognition of assets, liabilities, capital, income and expenses, as it is the case in other companies.
Autor: Dr. sc. Vlado BRKANIĆ, ovl. rač. i ovl. rev.
One of the tasks of a good entrepreneur is to care about the assets, income and expenses of the company. The accurate information on time is extremely important for making proper decisions. Calculation is an instrument which provides important information in a simple way and the possibility of calculating can be extremely important for an entrepreneur because including some expenses into the value of goods may affect the expenses of the period. The article presents drawing-up of a good calculation and offers applicable alternatives.
Special Tax on Salaries and Other Income According to the provisions of the Act on Special Tax on Salaries, Pensions and Other Receipts a special tax on salary is a constituent part of the (gross) salary calculated on the base that is calculated when the contributions for pension insurance, tax and possible tax are deducted from the gross salary. It has so far been called a net salary. The article presents a book-keeping procedure in the budgetary accounting.
Special tax on salaries is calculated according to the provisions of the Act on Special Tax on Salaries, Pensions and Other Receipts (Official Gazette no. 94/09). Its base has so far been called a net salary. Accordingly, such liabilities are a constituent part of the liabilities for employees in the chart of accounts. The article presents the procedure of recording in the accounting of non-profit organizations.
The provision of goods and services by certain non-profit legal persons does not subject to taxation according to the provisions of the Value Added Tax Act. Upon fulfilment of specific criteria certain non-profit legal persons principally subject to VAT payment for the rendered goods or services. This refers to the non-profit legal persons who make income from specific catering or tourist services or from the sales of their products.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
According to the Act on Special Tax on Salaries, Pensions and Other Receipts, which became effective on 1 August 2009, a special tax is paid on all the net salaries, pensions, other income, dividends and shares in profit. The above stated Act was passed in urgent procedure followed by the Rulebook on Special Tax on Salaries, Pensions and Other Receipts. These rather short provisions arouse many difficulties in their practical application. This article provides some explanations and specifics in calculation of salaries and application of special taxes.
The companies obliged to have an audit should hire an auditor until the end of September at the latest. The decision on audit is made by the company's assembly. The obligations of the audit are determined according to the structure of the company, the amount of income presented in the profit and loss account for the previous year (2008) and the activities of the company. A share holding company is principally obliged to have an audit, whereby a limited liability company and a limited partnership subject to such an obligation if their annual income in the previous year amounted to more than 30 m HRK.
The article presents a part of the measures determined by the European Commission aimed at new structuring of the EU finance system. There are two viewpoints: Disputable issues referring to the structure of the finance industry – is Europe threatened by the debt crisis made by credit cards, the European Central Bank (ECB) is trying to make bond trading easier, Eurostat changes the calculation of the Budget deficits and debt and Europe is preparing itself for the winter season.
According to the new Act on Storaging and Warehouse Bonds for Cereals and Industrial Plants the financing of the agricultural production in Croatia has gained a new dimension. There are better conditions for obtaining loans for revolving assets using a lien on the produced goods as a collateral, which are stored at the certified storekeeper. Banks should now consider short-term loans for agricultural production safer and more attractive since the above stated Act determines several levels of safety that guarantee to the creditor the existence of the collateral, which was not defined before. The author of the article writes about the financial and economic importance of the warehouse bond from the point of view of farmers.
The Single Euro Payments Area (SEPA) represents the creation of the unique European zone of the payment area where all the electronic (non-cash) payments would be effected within national borders under the same conditions as the transfers over the border, whereby there would not be any differences between national and foreign payment transactions.It has been planned that the new products/services within SEPA gradually replace the national payment products. In the transition period, which started in 2008, clients will be offered the existing/national and the new SEPA payment instruments. The goal is to achieve the migration of the critical mass of payment to the SEPA payment instruments until 2010/2011. The speed of acceptance of SEPA will considerably depend on the development of new payment instruments by banks and their acceptance by clients. SEPA comprises all the countries in which Euro is an official currency and affects all other EU countries and the European Free Trade Association (EFTA), which have not introduced Euro but use it in the international payment transactions. The authors of the article stress the need to adjust the Croatian payment system to SEPA.
The Act on Public Private Partnership was published in the Official Gazette no. 129/08. According to this Act four specific provisions had to be amended within 90 days after the Act became effective. The provisions had to be published until 15 February 2009. However they were published after 180 days in the Official Gazette no. 56 and became effective on 21 May 2009. These provisions also refer to the concessions with the characteristics of a public private partnership. Accordingly, besides the procedures defined in the Act on Concessions their approval will also subject to the procedures defined in the above stated provisions. The article deals with the Provisions on public private partnership and their effect on private investors.
One of the basic rules of capital transfer taxation is based on differentiating between the so-called old and new real estate and the tax position of the seller. However, the complete knowledge and determination of the tax position of the capital transfer requires more information on tax and legal regulations than just those referring to VAT and the Capital Transfer Tax Act. This article deals with the tax position upon changing the purpose of the real estate, its investment into a company and other specific tax situations upon capital transfer taking into consideration the changed VAT rate of 23% since 1 August 2009.
The new General Tax Act, which became effective on 1 January 2009, required drawing-up of the new methodology of enforcement of distraints and other acts aimed at forced collection of tax debts by Tax Administration. By means of a tax payment solution, which determines the tax debt according to the acts which regulate specific tax types, a tax administration body collects tax and other public liabilities from debtors (legal or physical persons) and keeps analytical records about it. In the conditions of economic crisis, difficult conditions of economic operations and insolvency the enterprises under distraint procedure may submit a written application requiring payment in instalments up to 10 months or postponed collection of tax liabilities up to 6 months at the latest.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
Iako je riječ o promjeni stope PDV-a za samo jedan postotni bod, za „struku“ odnosno porezne i računovodstvene radnike, informatičare, pa i mnoge druge to je značilo mnogo prilagodba i promjena kako bi već 1. kolovoza 2009., odnosno s prvim danom stupanja na snagu nove stope PDV-a od 23%, sve moglo funkcionirati. Osim promjene stope PDV-a na samome računu, tu su i nove porezne knjige i evidencije, novi obrazac PDV te, najbitnije, saznanje o tome kako primijeniti ispravnu stopu PDV-a u nekim specifičnim poreznim situacijama u prijelaznom razdoblju. O tome smo opširno pisali u SEPARATU – prilog časopisa RRiF, br. 8/09., a u nastavku ističemo samo neke porezne situacije.
UVOD
RJEŠENJA ZA NEKE POREZNE SITUACIJE
O ČEMU OBRTNICI – „DOHODAŠI“ TREBAJU VODITI BRIGU
NOVE POREZNE KNJIGE, EVIDENCIJE I IZVJEŠĆA
ZALJUČAK
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
The new Directive of the Government of the Republic of Croatia changed the terms of validity of specific articles in the Act on Foreign Currency Business Operations. The most important change refers to the term of liberalization of granting short-term loans abroad, which lasts until 1 February 2010, whereas all other restrictions are to be cancelled by the end of the year.
Artists represent a special group of tax payers and insured persons in the pension and health insurance. In general, they are authors who realize their receipts through artistic activities. In the taxation system and the system of social insurance their status is partially equal to other tax payers and insured persons. However, there are some provisions and specifics which make their status different from the status of other tax payers and insured persons. This article provides a complete review of their status in the taxation system and the system of social insurance stressing all the similarities and differences compared to other tax payers and insured persons in Croatia.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
In view of the burden of argumentation in the labour litigation there is a general rule that the party who claims for some rights bears the burden of argumentation of the facts which lead to realization of such a right. In the opposite case the party who bears the burden of argumentation is to face the detrimental consequences for the impossibility to determine a fact through argumentation.The article offers a review of the cases from the court practice which refer to the burden of argumentation in the labour litigation, notice period and return of an employee to job.
Members are principally not responsible for the liabilities to creditors. The exception represents the misuse of such circumstances by the corporation members. The article states the cases in which the members are responsible for the above stated liabilities. The presumptions for responsibility and the legal nature of responsibility are analyzed. Due to the fact that the responsibility refers to somebody else's liability, not one's own, there is an opinion that the rules referring to the responsibility of solidary borrowers should be applied for such a type of liability according to the provisions of the Act on Obligatory Relations - Solidary Borrowers. Such a liability is regulated by law and therefore it cannot be excluded or limited by the corporation or its members, except in the agreement with a specific creditor referring to the responsibility for the liabilities to such a creditor.
The latest financial and economic crisis has unfortunately shown that there is a growing gap between the financial system and the social justice. In order to understand the social justice in economy and society it is necessary to analyze the issue of the social justice. Justice represents a phenomenon sensitive to emotions. Due to the historical, economic, sociological and political environment it is difficult to find the model which serves as a modus operandi leading to social justice, especially upon distribution of income.
